Turmoil in the US credit market has caused Country Garden, one of China’s biggest property developers, to postpone a planned $1bn-plus global bond issue.

The company, which was tapping international debt markets for the first time, was offering 10-year US dollar-denominated bonds at a yield of 10 per cent and 5-year bonds at 9.25 per cent. Asian and European investors responded positively, and $1.1bn in commitments was secured by the end of the Asian day Wednesday, several people familiar with the deal said.